 All right, let's go ahead and get started. Welcome everyone. Thank you for joining us today for Improv 19 property tax benefits. If you need Chinese or Spanish interpretation, please click on the international icon at the bottom of your screen and your menu bar and select the language that you need in Spanish, Bienvenidos todos. Gracias por acompañarnos hoy compañeros hoy para beneficios del impuesto predial según la proposición diecinueve si necesita interpretación en chino o español. Por favor, presione en el icono international y está esto en la barra del menú y seleccione el idioma que necesita. En Cantonese, Can we have our Cantonese interpreter please? You need to unmute yourself please. Fue bien, le he dicho en Cantonese que si si necesitas que le dieras un en Cantonese, por favor. Thank you. All participants will be muted during the program. Please type your questions into the Q&A. This program will be recorded live streamed on YouTube. We have enabled closed captioning if you need transcription on your screen. This program is brought to you by the Business Science and Technology Center. Rechau San Luega, Muntai, Hei, Liga Kock. I'm sorry. In partnership with the San Viscos Assessor Recorder's Office, the Business Science and Technology Center is located on the fourth floor of the main library. We are open to the public and can be reached in person by phone or by texting us or by email at Bissitech at sfpl.org. That's B-U-S-S-C-I-T-E-C-H at sfpl.org. I would like to share a few resources with you. If you go to our website and look for our support and services and click on Business and Finance Resources, you will go to this page. Click on Business and Finance Resources, click on Personal Finance, Investing and Economics. And it takes you to this page. You'll see that we have several resources for you. If you come to the main library, you can look at investment advisory newsletters. You can research stock in person or remotely by using our Morning Star Value Line and WISERATINGS databases. You'll also notice that there is a link for smart money coaching. Smart money coaching provides free, confidential, one-on-one, personalized financial guidance, a certified financial coach. It will help you address financial challenges and goals, including reducing debt, establishing and improving your credit score, opening a safe and affordable bank account, and increasing your savings. Smart Money Coaching is a program offered through balance and the Office of Financial Empowerment in partnership with the San Francisco Public Library. We have a lot of events. So please check our virtual, check our events calendar. If you're looking for a job or exploring career options, personal finance and small business, please check our events calendar and see what's coming up. Here are a few highlights. On the ninth Friday, we have real estate investing basics, finding profitable deals. The Office of Assessor-Recorder's Office is offering, continuing their Family Wealth series this month on Tuesdays. On July 13th, we have personal finance for first time home owners. On July 20th, we have property tax one-on-one. And on July 27th, we have estate planning one-on-one. The Main Library and several of our branches are open for in-person services. Please check our website at SFPL.org to find out what services our locations are offering. Summer Stride, our summer reading program for all ages, is on. Sign up for Summer Stride online or in-person. Read over the summer and you'll receive this winstacle tip bag. Check our events calendar for Summer Stride programs. At that, I will stop sharing my screen and introduce our presenter. It is my honor to introduce Assessor Joaquín Torres. As Assessor Joaquín leads an organization of 176 committed professionals to efficiently and fairly identify and assess all taxable property in the city and county of San Francisco and apply all legal exemptions in addition to recording and maintaining official records of the city and collecting transfer tax from changes in property ownership. Joaquín Torres was inspired to a career and public service by role models who exemplified a belief that the best of government is realized when it listens closely to the people it serves and then designs policies and programs that better their lives. He is the grandson of Mexican immigrants. His grandfather was a butcher and his grandmother a seamstress who worked hard all their lives to provide stable, loving homes for their families. As the former director of the San Francisco Office of Economic and Work Development, Joaquín led the city's COVID-19 economic relief efforts for workers and businesses. Among his many accomplishments during the pandemic, Joaquín is most proud to have helped focus the city on building a more equitable economy, launching the city's first African American revolving loan fund and increasing resources for women entrepreneurs and minority and immigrant owned small businesses. Joaquín is a graduate of Stanford University and New York Tisch School of the Arts. New York University's Tisch School of the Arts. He lives in the sunset with his wife, Ruibo Chan. Please welcome Joaquín Torres. Leah, thank you so much for for having us today and thank you all for who are joining this afternoon on this presentation. We very much appreciate the warm welcome and of course our office is looking forward to our continued collaboration with the public library here in San Francisco through my role as the assessor here. I want to welcome everyone to the launch of what the new of what is the new Family Wealth series and it builds upon what my predecessor Carmen Chu began. In this four workshop series, you'll learn about resources and hear from experts about the complex topics related to financial resiliency. And what our ultimate goal is for all of you is to reach underserved communities to help build homeownership and better education around homeownership to all our communities and neighborhoods across San Francisco. But before we begin, I want to introduce a very special guest and a half, maybe two special guests. It is very much a privilege and an honor to introduce a San Francisco native. One of California's constitutional officers, a rising star and is everyone can see a new mom. And that is the Honorable Malia M. Cohen, the California State Board of Equalization. She is the first African American woman to serve on the board and as chair of the board in its 142 year history as a member of this board. She is responsible for administering California's very complex 75 billion dollar property tax system. She became a member of the Board of Equalization recently, but before that she served two terms on the San Francisco Board of Supervisors, where she also served as president of the board and as the chair of the Finance Committee overseeing an 11 billion dollar annual budget. I'm very much inspired by board member Cohen's chair, Cohen's continued leadership and service to our city by joining the ranks of constitutional officers representing the State of California and of course, all of us. Most recently with her acceptance of San Francisco Mayor London Breeds Appointment to the San Francisco Police Commission. And we very much thank you, Honorable Cohen, for your work in leadership there at the Commission and service of our communities. She is the right leader, as we all know, for the Commission, especially as we address and further our equity goals in the city. And we are very, very proud of our Malia Cohen. And I hope that you join me in welcoming California's youngest constitutional officer, nationally recognized policy maker and California changemaker, our very own Malia M. Cohen. Wow. Hello, everyone. Thank you very much for that wonderful introduction, Joaquin. It's very good to share the stage with you once again. How's everyone doing? Good afternoon, ladies and gentlemen, I'm delighted to be here. It is such an honor and a privilege to continue my service not only to San Francisco, but also to the State of California. And so with that, I just say good afternoon. And again, I want to thank in an official capacity, assessor Torres, for that really lovely and heartfelt introduction. For those of you that don't know, I've known Joaquin for a very long time. I've always been impressed with his leadership style and his compassion. So it's my pleasure to join today. I also want to take this opportunity to publicly acknowledge your appointment as the assessor recorder for the City and County of San Francisco. Bravo to the brilliant minds that made that appointment. You Joaquin are a phenomenal leader that served our city and served our neighborhoods. You and I have been in the trenches, hand in hand, arm in arm, fighting for businesses, fighting for ethnic communities, especially during this time during the pandemic. So I'm confident that you will leave the assessor recorder's office with the same dedication, with the same commitment to excellence, fairness and transparency that you have just demonstrated all the years prior to this appointment. And so thank you for your continued service to our residents of of our great city. And I also want to acknowledge the very, very strong leadership of our former assessor recorder, Carmen Chu. As you know, she was appointed to the city administrator's office and I can't think of a better person to hold that position. Carmen did an amazing job transforming the assessor recorder's office, bringing cases current, bringing in new technology, finding new monies to bring into the city and county. It's just been a joy to work with her. And so this has really been a smooth transition. And I look forward to working with your team Joaquin. So let's get right into why we're here today. So today I want to just acknowledge that I consider a privilege to introduce the Family Wealth series presented by assessor Torres and as a member of the California State Board of Equalization and your local representative on the board. I consider these conversations important and very necessary. You see, it's critical that we take time to make sure that every resident understands wealth building on the board. Many of you are aware that I represent one quarter of the state. That's approximately 10 million people in 23 different counties from del north in the north, all the way down to Santa Barbara in the south. And the Board of Equalization is referred to also as the BOE. It administers our state's $75 billion property tax system. And this property tax system funds our public schools. It funds and provides necessary funds to local government to pay for services such as first services for our first responders and community health care facilities. So this is a critical function of the backbone of. Our call to service. So when you pay your property taxes, you are paying into a system that makes our lives better today. And it helps create a better future for tomorrow. And so property taxes are part of the expenses of home ownership that everyone must consider and should understand. You see, assessor Torres understands that home owners and new home buyers need to have access to the best possible information about home ownership, including how proper how how property taxes fit into our decisions. And I want to note that assessor Torres brings decades frontline experience in creating housing and economic opportunities in San Francisco, as well as his stellar team. So he is. Acesor Torres, served as president of the San Francisco Housing Authority Commission. He previously served as director of the Office of Economic and Workforce Development. All this was extremely instrumental and in partnering with the mayor to help residents and businesses navigate. So we are quite fortunate to have such a professional. The family wealth conference today is part of a series of events to inform and empower current home owners and the potential new home buyers. And so what we're trying to do here today is to arm you with information so that you can make an informed and empowered decision for your family as well as for yourself. And most importantly, our goal here is so you can walk away with some very practical and prudent wealth building techniques so that you have the ability to build wealth for future generations. So this series will begin today with an examination of Prop 19, which was enacted by voters in November 2020. Now, Prop 19 is a very important piece of legislation that may frame the conversation and future conversations as it comes to the transfer of home ownership. So this conference will be followed in the weeks to come by a personal finance for first time home buyers, which is going to be held on July 13th. Property tax 101, which is going to be held on July 20th. You don't want to miss that one. And then there's a state planning 101 on July 27th. Also a very important workshop that I hope you'll all be able to attend. And as you listen today, I'd like you to understand the role that property taxes pay in your decision as to whether or not to become a home owner. En addition to taxes, homeowners must pay for home insurance. You also must pay mortgage to the bank until the home is fully paid. Homeowners often borrow against the equity in their homes to pay for such things as necessary repairs, to pay for school or to help with expenses of parents and other family. Of these three expenses, property taxes, home insurance and mortgages. Only property taxes are truly predictable. And that might be helpful when you think about your long term financial planning. Home insurance costs, they can vary, they fluctuate with the market. Many homeowners change their insurance companies. So that's what makes it a little unpredictable. And and that's why insurance is is not or is unpredictable. Mortgage rates, as you probably know, they fluctuate. Also, also can be unpredictable and they change over time. Another option is homeowners may refinance. So mortgage costs are not truly predictable. Only property taxes are predictable. So keep this in mind. OK, lock this in. Property taxes are based upon the assessed value of their home. And the assessed value is typically what you have paid for your home. Plus, any improvements that you made along the way. Improvements would be like if you've upgraded the kitchen, if you added a bathroom, those are considered improvements to your home. And under Prop 13, property values can rise only 2% a year. So although property taxes can go up and down year to year, they are predictable and they allow you to plan your costs. Sometimes rarely, but in recent times, property values can can decline. And when they do, the assessor usually lowers the value. Homeowners can petition for lowering of their home values. And of course, this petition would then lower their property taxes. So that is something that you have to make a personal decision to do. And that you work with your works with your county assessor, in this case, Joaquin Torres's team. But fortunately, we in the city and county of San Francisco have an assessor and a team who understand these issues and they're here to help. So for today's series, you will receive a presentation on Prop 19, how the changes made in Prop 19 may help you keep your property taxes from rising too quickly. As I said also, Prop 19 was a major revision of the California Constitution that was acted by voters. And right now, the Board of Equalization, my board that I sit on, es in the process of adopting regulations to implement Prop 19. On a parallel track, the legislature is working on legislation to change California's laws so that the law can conform with Prop 19. And that law specifically a Senate Bill 539, which was which has passed a state Senate and it's now in the assembly. Now, I know that this may all sound complicated. Take a deep breath. But that is why the assessor and his staff have prepared this series of discussions so that you can be empowered and so you know what the facts are and you can make informed decisions and you know where to go to get your questions answered. So with this very brief introduction, I'm sure that you will enjoy this presentation. And as always, if you ever need anything, anything at all, no question is too big or too small. Please do not hesitate to contact me. I am at your service. And again, my name is Malia Cohen. We work in partnership with assessor Torres and his team. And we look forward to helping you achieve and preserve the American dream of home ownership. And with that, I turn my portion of the program back over to you. Thank you for listening. Thank you, Madam Chair. It's great to see you and thank you for helping us kick this off today. I hope you had a lovely holiday weekend with you and your family. I can't wait to see you again soon. So so again, everyone, thank you so much for being here and joining us for this new kickoff of our series. I just want to take a few moments to dive deep into the proposition 19 tax benefits for seniors and families, which would be the substance of our presentation today. Next slide, please. Y I just want to make sure that we make this clear in the beginning as well. What this is intended to do is to provide you with a roadmap, general information about proposition 19. It's not intended, not intended to be a legal interpretation or official guidance or relied upon for any specific purpose or intent, but it is a summary presentation of the information that we know is important to you as you consider these decisions. Proposición 19 is a constitutional amendment, so additional legislation, regulations and statewide guidance as Chair Cohen just talked about are still expected for us so we can clarify its implementation. If there is a conflict between the information that you hear here and the proposition or any legal authorities implementing or interpreting the proposition, the text of that proposition prop 19 and the other implementing or interpretive authorities will always take precedence prevail. So we encourage you to work with an attorney for guidance, advice on your specific situation, should those issues come up and when those issues come up. Next slide, please. So just a very quick agenda. We're going to cover the essential roles of my office, a review of prop 13 basics. We're going to that will then frame our discussion around prop 19. And then we'll share some common proposition 19 scenarios and frequently asked questions followed by other property tax benefits that you may qualify for. And if time permits, we'll be able to open up the floor for questions and answers. And my staff is also in attendance to assist with any questions. If we don't get your question, my staff. So next slide, please. So just basically about the office that I represent as a reporter here. We have two separate functions that complement one another. The assessor sign, which values all the property in the city and counting plaz, exclusiones, and exemptions that are required by state law. We identify all the newly constructed or sold properties, revalue those properties to the current market value and respond to appeals. Last year, we identified over 214,000 parcels in San Francisco with an assessed value of over 300 billion dollars. So the work of my office is important. As chairco mentioned to fund the city's fundamental services and public education in recent years, our office was responsible for bringing in approximately three billion dollars of property tax revenue each year. This is the largest single source of stable general fund revenue for the city. And this year, we're estimating nearly 3.7 billion dollars in property tax revenue. Sixty four percent of those funds are for general services for the general fund, 30 percent 34 percent of those dollars go to the school district and 2 percent go to BART for transportation or the Bay Area Quality Management District. Then there's a recorder side, which is responsible for recording real estate transactions like a deed or a trust or lean related documents, mortgages, public documents, including power of attorney. And of course, everyone's favorite, marriage certificates. There is over 200 document types that we take care of on that side of the office. We record approximately 150,000 documents annually and we're also responsible for collecting transfer taxes and collecting fees on these reported documents. Last year, we collected over three hundred and thirty five million dollars in transfer tax. And we are on track for the same amount this coming year. Through the end of May, we've already collected three hundred and nine million dollars. So in addition to doing that work, we also audit and we're forward thinking about those audits to make sure that we're leaving no dollars on the table. That can be a benefit to you, your families, our constituents, our neighborhoods here in the city and county. Our transfer tax audit program has recovered 27 million dollars this year in underpaid taxes, penalties and interest. Y since 2015, the program has recovered almost 70 revenue dollars for the general fund. Next slide, please. So let's quickly review how property taxes are calculated. Now, what happens when there is a change in ownership? So it's the assessor's job to look at the full cash value or fair market value of the home, we will set that value as your taxable value. And currently, the property tax is just a little over one percent. So this value cannot increase by more than two percent because of a state law that was passed in 1978 known as Proposition 13. Proposition 13 keeps a lid on the rate in which your property taxes can increase. Next slide, please. Lo requires that we look at the market value. Most of the value typically we take the sales price as the fair market value. Next slide, please. So understanding the difference between the assessed value and the market value concept, we hope is helpful to you as homeowners to understand what that impact may be on your property taxes, when there is a change in ownership or new improvement that's done to a particular piece of property. So let's walk through what I mean when I say the assessed value does not increase by more than two percent a year. So this slide shows a home that was purchased in 1990 for one hundred thousand dollars and our office assessed the value of the home at one hundred thousand dollars, the fair market value per state law under Prop 13, the value on which that individual property tax is calculated, cannot increase more than two percent a year. So this is reflected in the line in blue, which shows the assessed value growing two percent annually from 1990 to 2020 to a current assessed value of approximately one hundred and eighty five thousand dollars. Another thing to get wonky about is that another name for that one hundred and eighty five thousand dollars is the factored base year value because it includes the original base year value of one hundred thousand dollars plus the annual adjustment increases. Now, when you compare this value in blue to the value that you see in orange, that top level, that's what the home is at the fair market value or full cash value that has very likely grown more than two percent. So it would not be a surprise for a typical home in San Francisco to have a fair market value of one point two million in 2020, let's say. But just remember that under Prop 13, you are paying taxes based on the lower protected assessed value, that time when your factor base year value became on the record for the first time. Next slide, please. Now, any changes to that value may be triggered by the resale of your home, title transfers to another co-owner or substantial construction work. In this illustration, the sale of the home resulted in a new assessed value that bumped up to the fair market value. So it's important to keep this in mind as we discuss Prop 19 moving forward. Next slide, please. So you may have heard about Proposition 19, which is a new law approved by California voters en on November 3rd of last year. En here are the basic facts. The proposition passed by a margin of about 400,000 votes, a narrow gap of 51 percent who voted yes, 49 percent who voted no. Simple majority, though, move this measure forward. The measure is also known as the home protection for seniors, severely disabled families and victims of wildfire or natural disaster act. This Proposition 19 amends the state constitution in two parts. The first part repealed laws and governed property tax transfers between parent to child and from grandparent to grandchild. This law took effect earlier this year on February 16th, 2021. The second part of Proposition 19 is called the base year value transfer, which provides more choices and flexibility for homeowners who are 55 years of age or older, disabled and victims of a natural disaster. The effective date of the second part was April 1st of this year. Next slide, please. So under the first part for families to inherit the lower property tax property tax assessment of a home, I just want to hold for one moment here. I'm seeing that some of the translation services are not moving forward. Do we want to take a quick moment? OK, Grace, see that it's working now. Thank you very much. Under the first part for families to inherit the lower property tax assessment of a home, the following conditions must be met. The property must be a principal residence of the owner. The property must become the principal residence of the transferee within one year of transfer. And only the principal residence qualifies for a base year value transfer. Other properties such as vacation homes or commercial properties no longer qualify for this benefit. Exclusion value is limited to the current assessed value plus a million dollars. So the transfer will be 100% excluded if the fair market value of the home is less than or equal to the current taxable value plus one million dollars. If the fair market value is greater than the current taxable value plus one million, then the difference is added. Next slide, please. So Proposition 19 allows eligible homeowners to keep and carry over their low protective prop 13 taxable value of their existing home to their new replacement home of any value anywhere within the state up to three times rather than one time under the prior law. Now, there is no limit to the market value of the replacement property, but the amount above the original properties value is added then to that assessed value. So applicants must apply for a taxable value transfer with the county assessor where your replacement home is located. This law was intended for seniors and disabled persons who wanted to move closer to family, required changes in their home due to medical care needs, downsize or find a home that better fits their needs. Next slide, please. So let's go over some common Proposition 19 scenarios. A homeowner who is over age 55 sells their primary residence for one million dollars. And at the time of the sale, the assessed value of the original home is five hundred thousand dollars. The homeowner purchases replacement residents for nine hundred thousand dollars. So since the replacement residence is of lesser value than the original primary residence, the original assessed value may be transferred to the new home. The assessed value that remains five hundred thousand dollars. So there is no increase in property taxes. However, the base year value transfer does not happen automatically. So just remember that not everything is automatic. You do want to check. It's best to submit your claim form to our office when you purchase your replacement home. Next slide, please. So this is a second scenario where a homeowner who is over age 55 sells their primary residence for a million dollars. The assessed value of the original home is five hundred thousand dollars. And the new homeowner purchases a replacement residence for one point two million. So what we do here is we find the difference in the market value of the replacement in original homes, which is about two hundred thousand dollars. We add that difference then to the transfer to assessed value. Here you see that the new assessed value for replacement primary residence becomes seven hundred thousand dollars. Next slide, please. A mother and son who own a property in which the son resides, but the mother does not. So upon the mother's death, the mother's interest in the property transfers to the son. The question we hear is is the transfer for mother to son eligible for the parent child transfer exclusion under either Proposición 58 o Proposición 19. The answer to that is if the mother passed away before February 16th, 2021. Hello, everyone. This is Holly from the assessor's office, where you apologize for the technical difficulties while we're waiting for assessor Torres, we can continue with the presentation. So as you'll see, this is slide 15. It's a scenario number three regarding the intergenerational transfer. So a mother and son own a property in which the son resides, but the mother does not. Upon the death of the mom, the mom's interest in the property transfers to the son. So transfer from the mother to son eligible for the parent to child transfer exclusion under either Proposition 58 o Prop 19. So the answer is if the mother passed away before February 16th, 2021. 2021, the transfer of the mother's interest in the property may be eligible for the Prop 58 nonprincipal resident exclusion. If the mother passed away on or after February 16th, 2021, which is a deadline for Prop 19 implementation, the transfer of the mother's interest in the property will not be eligible for the Prop 19 parent to child transfer exclusion. As a property was not the mother's principal resident. Next slide, please. So transfer exclusion value, let's take a moment to discuss the transfer exclusion value rule. There is no reassessment on the assessed value plus one million dollars in market value. And there the reassessment is applicable to the value above the assessed value plus a million dollars. We'll see how this applies in the next slide. And Holly, with that, I can take over and jump in. Oh, great. Thank you, assessor Torres. Thank you. All right. So in this section and thank you very much to the team for jumping in there. In this section, the homeowner decides to transfer their home to their mother as a primary residence. The assessed value is three hundred thousand is three hundred thousand dollars in the fair market value of the home is one point five million dollars at the time of transfer. Our office will calculate the exclusion value limit to determine the exclusion amount. So the value limit under proposition nineteen is a sum of the assessed value plus that one million dollars. So in step one, will we add the assessed value to the one million dollars prop 19 allowance. In this case, the excluded amount totals one point three million dollars. The second step we take is we then ask if the excluded amount is greater than the fair market value. If the market value exceeds the limit, partial relief is available. So in this case, the excluded amount is not greater than the fair market value. There's a two hundred thousand dollar difference, so partial relief is available. Step three, the amount above the excluded amount will be added to the fact or base year or assessed value. In this case, two hundred thousand dollars is added to three hundred thousand dollars of the assessed value to arrive at the new assessed value of five hundred thousand dollars. So five hundred thousand dollars becomes the new assessed value for the transfer property. Now, while this is an increase that you see from the assessed value of the parents value, it is still much lower than the amount if it were based on the fair market value of one point five million. Next slide, please. So we're keeping track right now, the latest guidance to the Board of Equalization releases, as you heard from Chair Cohen speak about earlier, but there still are many, very many gray areas that have yet to be resolved. And so our staff is keeping track of all the prop 19 guidance that's being provided by the Board of Equalization. So in these following slides, I'm going to go over some of the frequently asked questions that some of you have been asking around these items. So here is one of them. So when a parent who held their property in a revocable living trust passes away, will a change in ownership reassessment occur and a death of a property owner is considered a change in ownership. So what we would do is look through the trust and the beneficiary becomes a current beneficial interest holder or the new older as of a date of death. Since this is a change in ownership, the property is subject to reassessment absent, an applicable exclusion. So a date of death transfer occurring before February 16th, 2021, will be subject to the proposition 58 parent child transfer exclusion provisions. It's a mouthful, I know. But again, remembering that when the transfer occurs, based on what we've learned about Prop 19, that those dates will determine what flexibility you are or are not allowed as it relates to changes that were related to Prop 19. It's a bit of a maze. We all know that. That's why we like to do these webinars to see if we can provide some additional levels of clarity and answer more of your questions. So in this case, a date of death transfer that occurs on or after February 16th, 2021, will be subject to the Proposition 19 parent child transfer exclusion provisions. Next slide, please. Do I need to pay a transfer tax when the transfer is a gift? If the transfer is a gift, then generally there is no transfer tax. On the preliminary change of ownership form, mark the gift box in part two on the transfer tax affidavit, mark the gift box in question eight and completely fill out and sign the transfer tax affidavit form. If there is consideration paid, the transfer tax basis generally is that consideration paid by the buyer. So again, look for the gift box sections in part two and in question eight. And we're to completely fill out the information in the paperwork from on those forms. Next slide, please. If the sale of the original property occurs before April 1st, 2021, and the purchase of the replacement property occurs afterward, will the base year transfer value transfer provisions under Proposition 19 apply? If the original property is sold before April 1st, 2021, and a replacement property is purchased afterward, the transfer of the original property's base year value to the replacement property is subject to the Proposition 19 base year value transfer provisions. So again, those dates matter as it relates to the each individual circumstance, the time of the case or the action that is taken. Next slide, please. How does Proposition 19 impact an owner occupied multi building? So let's say that a child receives a property that they would need to move into the unit that was previously the parents principal residence to take advantage of that parent to child transfer or risk receiving the full reassessment to fair market value. But again, say that there's a large apartment building, you transfer that to your child. I was living there. My child is living there. No, under Proposition 19, the full building would not qualify for the allowances that the proposition provides. What it would allow for is that the transfer base year value to occur for the principal living residence unit only in this example. Once a transfer occurred, the delta of the reassessed value of the rest of the building would then be applied as part of the next step in determining what your property tax obligation would be based on that assessment that focuses on that keeping the base year value of the principal residence versus the rest of the building. So again, a maze, lots of moving parts, but we want to provide this information to give you a sense of that. So you know that it can be as complicated as you think it is, but just follow the steps and we'll get there. Under Proposition 19, how is disability defined? Well, the language of Proposition 19 doesn't specify particularly. However, revenue and taxation code section 74.3 defines a severely and permanently disabled person as any person who has a physical disability or impairment, whether from birth or by reason of accident or disease that results in a functional limitation as to employment or sustain substantially limits. One or more major life activities of that person and that that has been diagnosed as permanently affecting the person's ability to function, including but not limited to any disability or impairment that affects sight, speech, hearing or the use of any lens. Next slide, please. So just remember that there's a lot of resources out there. Here are three of them that we've placed here. Websites, websites, websites, webinars. I know we're burnt out on them, but they do have a lot of good information. The Board of Equalization Prop 19 resources website here that I believe will also put in the chat section so we don't lose it from the slides if you want to find that more immediately. Same for our Office of the Assessor Recorder Proposition 19 Resource Page. Very, very good webinars that we have there, including ones like these, in addition to those frequently asked questions so that you can find that information consistently, have it answered consistently. And then finally, the SF Bar Association, so you can reach out to them in terms of any guidance you may need in drafting will, setting up a trust, providing legal advice for your estate planning needs. And there'll be more resources that we make available as part of this series to help address or answer some of those questions for your future planning as well. Again, the home, this property, is so important for you or the person that worked so hard to realize that dream of being a homeowner. And we want to make sure that those assets are protected and secure with your knowledge base to be able to do with them as you please after so much of your hard work. Next slide, please. So in addition to that information around around these these areas in Prop 19, we also provide lots of information on our website, SFassessor.org, or you can learn more about the homeowner's exemption, the disabled veterans exemption, a senior blind or disabled property tax postponement options that are available to you, declining value relief. All of these items are ones that are available to you if you visit SFassessor.org to learn more. And as always, you can reach out to our office for simplicity's sake, I'll say 311 to get that information for the San Francisco Assessor's office. But just know that we are always available to you. But we have this resource here so you can do it on your own time as well. If this is where this is how you learn best and where you can benefit from the information we provided to you there. Next slide, please. So the Family Wealth series that I was just discussing is really grounded in making sure that you have the resources that you need education, access to getting questions answered so that you can have the education that you need to be successful for yourself, for your family members and for your future. That's where this expanded work comes from. So we're going to be we're going to be expanding these into digital workshops in collaboration with the San Francisco Public Library and community organizations that have been that are so essential for doing this work, such as the Northeast Community Federal Credit Union, the Mission Asset Fund and the Housing and Economic Rights Advocates. Some may face barriers to accessing basic banking services, financial advising, credit counseling, all the pervasive and costly issues, especially for low income individuals. So without bank accounts or credit scores, these communities are locked out of the financial system. And our goal with this series is to lower the barriers and connect all San Francisco's regardless of household income with the resources that you need to be successful to make the right financial choices to build a life of safety and security for yourself and for your families. Next slide, please. And again, we're open for business. We were so excited earlier in June to open our doors up again to the public. You can see our hours here, Monday through Friday, 8 a.m. to 5 p.m. For the recorder office, for those documents to be recorded, 8 a.m. to 4 p.m. And then we still have drop boxes with language guidance on the Grove side of the street in City Hall. Y you can always follow up with us to make sure that we've received those. And you can also look for records online, recorder dot S F G O V dot O R G. And again, if you want to call us and you can't remember this number, again, you can always call 311 and ask to reach us, but also ask for the number and this number is 554 5569. That's 415 554 5569. And you can always email us with questions as well. If that's what's easier for you. Again, we are open for business for you with giving you as much convenience as we can to make sure that we're accessible for you in any one of these forums so you can get your questions answered and continue to do your business here in the city and county of San Francisco. Next slide, please. Well, thank you all so much. Again, apologize for the technical glitches that I experienced there again. Thank you to my staff for jumping in. Holly, thank you again for jumping in to provide the background on the slide presentation. Here is my information on Joaquin Torres, the assessor recorder here in San Francisco. Please don't hesitate to reach out. It's always a pleasure to hear from you. And right now we'll take any questions with a limited time that we have. Well, if there are other individuals who have questions, again, send them over to our office. We're very happy to answer those and get back to you. And if there's some questions here that we can reach out to individuals who signed on, maybe we lost them here for some reason. We if there's a way to get in contact with them, we'd love to reach out and make sure they can have their questions answered. Can I ask a question from Eve via YouTube? How is the transfer of assessed value tax to another property different from Prop 13? It's based on the transfer itself. So it's about the value and the transfer tax applied to the value of the property. Whereas Prop 13 is very specifically about the manner in which your assessed value is able to be increased on an annual basis. So, for example, Prop 13 provides a cushion for you in the rate in which your property taxes are allowed to increase year over year separate from the fair market value rate that may be increasing on the market so that that property would slowly increase in property tax obligation over time because of how the base year factor value, the base year value is set at the initial of ownership, separate any amendments that may be made based on your construction expansion or some of the other items that I mentioned, whereas transfer taxes specifically around the transfer of the property itself and the tax applied to that transaction. That's why on the gift side, there are some exclusions there that apply related to transfer tax, but when there is compensation that is paid from a buyer to a seller, that's when that tax once again is applied. Thank you. You're welcome. And again, I always like to plug this. So many of the questions exist on our website, sfassessor.org. Oh, a follow up question from Eve. How is Prop 13 different from Prop 19? Certainly. So Prop 19 changes some of the obligations that people have around the transfer of property, specifically from grandchild to grandparent to grandchild or vice versa, or parent to child or vice versa, that limits the value at which you're able to transfer those properties and the conditions in which that property can transfer. In addition, it provides more flexibility. A Prop 19 provides more flexibility for seniors who are 55 years or older to have more choice when it comes to the places they can move to. It used to be limited to 10 counties in California. Now all 58 counties can be can be a place of residence where you're allowed to transfer your base, your value with some additional details that I mentioned throughout the webinar. Whereas, once again, Prop 13 is very specifically grounded in the rate at which your property taxes are going to be increasing over time. Thank you. So Prop 13, again, from a time perspective, 1978. From a time perspective for Prop 19, it was passed by the voters in November of last year, 2020. And the two parts were implemented in February of this year and April of this year. Bueno, alright, well, why don't we, unless there are some additional questions from others, why don't we go ahead and close here and we'd be happy to come back again. We're looking forward to in our continued partnership with the Public Library. Thank you so much for your presentation today. And we look forward to seeing you next week, next Tuesday at 1 o'clock. Thank you so much. Thank you very much. Bye bye.